By CreditNinja
Published on March 22, 2024

A 495 credit score is “poor,” which is the lowest credit tier. 

Poor credit indicates to lenders that you struggle to manage your finances and pose a high credit risk.

A poor credit score makes it challenging to qualify for unsecured loans and credit cards. If you do get a loan offer, your interest rates may be very high and your repayment length will likely be short. Ideally, you should only apply for funding with bad credit as a last resort. 

Key Takeaways for a 495 Credit Score

Overview of Your
Credit Rating

A 495 credit score is a "poor" FICO Score and a "very poor" VantageScore. Bad credit may indicate to lenders that you have too much personal debt and struggle to manage your finances month-to-month.

Borrowing Options With a
495 Credit Score

Consumers with poor credit may struggle to qualify for unsecured loans. While easy loan options are available, such as bad credit loans and no credit check loans, they can offer predatory loan terms.

Improving a 495
Credit/FICO Score

You can improve a 495 credit score by becoming an authorized user, reducing your credit card debt, avoiding any late monthly payments, and using credit-building tools.

Is a 495 Credit Score Good?

A 495 credit score is considered by most lenders to be a very poor credit score. This score is significantly lower than the average VantageScore 4.0 credit score, which was 701 as of September 2023. According to VantageScore, Generation Z (18-26) has the lowest average credit score, 663. In contrast, Baby Boomers (59-77) have the highest average score of 740. To get a good score, you must raise your 495 credit score by at least 175 points to reach a 670 credit score.

What Can You Get Approved for With a 495 Credit Score?

Borrowers with a 495 credit score may have difficulty meeting the qualification requirements of most lenders. That being said, it is still possible to get approved for a loan or credit card with a poor credit score. Take a look at some of your financial options below. 

Personal Loans

Personal loans are useful for all types of financial needs because the loan amounts can be small or very substantial. If you have poor credit, qualifying for a secured personal loan may be more accessible. A secured personal loan requires collateral, such as a car, house, or savings. But keep in mind that a secured personal loan is risky because you can lose your collateral if you default. 

While getting approved for an unsecured personal loan may be more difficult, it’s not impossible. Look for online loans that provide pre-approval decisions. You can also use online calculators to determine how much personal loans will cost every month. And remember that while it’s tempting to accept the first loan offer you get, it’s in your best interest to compare multiple offers to find the best one for your financial situation. 

Bank Loans

Bank loans are known for offering decent interest rates and high loan amounts. But if you need quick financial assistance with a 495 credit score, you may find it difficult to get approval. Most banks have a high minimum credit score requirement, so you generally need good or excellent credit to qualify for a bank loan. If you get approval for a bank loan with a poor credit history, expect a low loan amount and a high annual percentage rate

Credit Cards

Credit cards are useful to have because borrowers can conveniently borrow again and again from their credit line. But if you have a lower credit score, you may only be eligible for credit cards with less than favorable terms. If you want to work on getting a higher credit score, consider applying for a secured credit card account instead. 

These are some of the best secured credit cards for poor credit scores:

  • Capital One Walmart Rewards® Card
  • Applied Bank Secured Visa® Gold Preferred® Card
  • Capital One Platinum Secured Credit Card
  • Self – Credit Builder Account + Secured Visa® Credit Card
  • Discover It® Secured Credit Card

Auto Loans

Auto loans may be easier to get than other types of loans because they are secured. The car secures the loan amount, so you could be eligible despite having a bad credit history if you can provide a high down payment. However, you will likely end up paying more for the loan than someone with a good credit score due to high interest rates. To save money on an auto loan, compare APRs from online lenders before reaching out to a dealership or private seller.  

Products To Help Improve a 495 Credit Score 

There are different financial products available that can help you improve a 495 credit score, such as: 

Budgeting Apps

A budgeting app is a useful product that can help you track expenses, achieve financial goals, and monitor your income. Many budgeting apps are free; even the paid versions offer free trial periods. If you have trouble managing your finances, a budgeting app can help you develop better financial habits. Consider what features you want and how you intend to use the app to narrow down your options. 

Credit Builder Loan

A credit builder loan is a great way to save money while building credit. You make monthly payments to a lender and receive a lump sum once you finish the repayment period. Your monthly payments are reported to a credit bureau, which updates your credit report with positive financial information. But just keep in mind that credit builder loans charge interest, so take time comparing APRs, loan sizes, and payoff periods before applying. 

Automatic Payments

Most online financial accounts offer an automatic payment feature. All you need to do is save your payment information and decide on a monthly payment amount. Automatic payments can automatically deduct your payment amount, so you don’t have to manually pay your bill each month. If you have credit card accounts or installment loans, you could deduct a specific amount that’s higher than your minimum to speed up the repayment process.  

Benefits of Improving Your 495 Credit Score

These are just a few of the benefits you could receive if you improve your 495 credit score:

Easier Loan Approval

Suppose you improve your 495 credit score and get good or excellent credit. In that case, you can look forward to getting approval for almost any loan or line of credit. Higher credit scores pose little to no risk, which helps borrowers get quick approval. When you need financial assistance as soon as possible, you don’t have to waste time looking for lenders that have a low minimum credit score requirement.

Better Rates

Individuals with excellent credit have access to the best rates available. A low interest rate on a loan or line of credit can help you save a lot of money each month. With more cash in your pocket, you could start a savings account. Next time you experience a financial emergency, you have the funds you need to avoid borrowing funds and paying interest rates.    

Credit Card Rewards 

Higher credit scores can qualify for the best credit card rewards. Credit card accounts that offer rewards can help cardholders save money and get perks for using the card. Rewards cards generally provide points, cashback, or travel miles. Borrowers can benefit greatly from a rewards card compared to traditional credit cards.  

How To Improve Your 495 Credit Score

You may struggle to get decent loan offers with a poor credit history. But luckily, there are plenty of ways to improve a 495 credit score! 

Reduce Your Debt

Carrying too much credit card debt can negatively affect your credit history. If you want to improve your credit scores, reduce your outstanding debt. Consider using a debt repayment strategy, such as the debt avalanche method, to save money on interest fees while improving your credit score.     

Use a Secured Credit Card

A secured credit card could help you improve your credit scores and financial habits. Secured credit cards work like debit cards, but you must provide a security deposit (typically refundable) and make monthly payments when you use your credit limit. You could boost your 495 credit score over time by making on-time payments and maintaining a low credit utilization rate. 

Become an Authorized User

Authorized users are individuals who are added to existing credit accounts. When consumers are attached to credit accounts, their credit history will mirror the primary borrower’s credit history. So, if the primary borrower uses their credit card responsibly, the authorized user can build better credit scores over time. 

Avoid Late Payments

Your payment history makes up 35% of your FICO score. You can steadily improve your credit scores over time by maintaining a long history of on-time payments. But remember that late payments may appear on your credit report and significantly impact your credit. 

Avoid Too Many Credit Inquiries

Submitting an application for a new credit account can decrease your credit scores by as much as 10 points! If you want to improve your 495 credit score, avoid making too many credit inquiries. 

FAQs About 495 Credit Scores

Having a 495 credit score indicates to potential lenders that you’re a high-risk borrower, which is reflected in your credit report. This score can result from missed payments, high credit utilization, or a lack of credit history. It’s essential to regularly review your credit report to identify any areas for improvement or to correct any inaccuracies that might be impacting your score negatively.

Securing auto loans with a 495 credit score might require you to explore options with lenders who offer financing to individuals with poor credit. Expect higher interest rates and possibly a larger down payment. Some dealerships have programs specifically for buyers with lower credit scores, but it’s crucial to shop around to ensure you’re getting the best deal possible.

Improving your credit score involves several strategies: paying bills on time, reducing your debt, and keeping credit card balances low. As your credit score improves, you can request a credit limit increase from your card issuers. This not only gives you more financial flexibility but can also help improve your credit utilization ratio, a critical factor in your credit score.

Yes, your credit mix—or the types of credit accounts you have—can impact your credit score. Lenders like to see a mix of installment loans (like auto loans or mortgages) and revolving credit (like credit cards) because it indicates you can manage different types of credit responsibly. While it’s not the most significant factor in your credit score, improving your credit mix can help boost your score over time.

What Interest Rate Can I Get With a 495 Credit Score?

Interest rates can be very high for borrowers who have a 495 credit score. Poor credit can signify that you are a risk. Lenders generally protect themselves by offering high interest rates on loans and credit cards. If you need emergency funding, compare multiple lenders to find the best interest rate. 

Take a look at how interest rates directly affect total loan costs:

Loan Amount

Interest Rate

Loan Term (Years)

Total Interest Paid

Total Repayment Amount
















Can I Buy a House With a 495 Credit Score?

Most low-credit borrowers use FHA loans to buy a primary residence. In fact, FHA loans now make up 14.5% of total mortgage applications.² But if your credit score is lower than 580, you will have to provide a 10% down payment. To improve your chances of qualifying for a home loan, consider offering a substantial down payment. But be aware that your interest rates may still be higher than you want.

Top 5 Resources for a 495 Credit Score

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